Trio Petroleum Corp., incorporated in 2021 in Delaware, is an oil and gas exploration and development company that acquires, finances, and develops upstream assets. The company was formed in part to partner with Trio Petroleum LLC and took on an 85.75 % working interest in the South Salinas Project in Monterey County, California. Its management emphasizes targeted growth via select projects rather than broad-based exploration.
Trio’s core asset is the South Salinas Project, where it holds the majority working interest in ~9,300 acres (the Presidents and Humpback fields). In addition, the company has non-operated or minority interests in other fields: for example, in the McCool Ranch field (California) and in the Asphalt Ridge tar sands area in Utah. Trio also pursues expansion via new acreage acquisitions, such as a planned acquisition of 2,000 acres in the P.R. Spring/Uintah Basin area in Utah.
On the operational side, Trio works both as operator (in assets where it holds control) and as non-operator (for interests where others manage field activity). It engages in exploration, development, recompletions, and well workover programs to maximize recovery. For example, it has tested downhole heaters and chemical methods to optimize oil production in Utah’s PR Spring area. The company also makes acquisitions of producing assets to provide cash flow; one recent example is acquiring Novacor’s TWP47 properties in Saskatchewan, Canada, which include seven producing wells, though the assets remain operated by Novacor.